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Trakopolis Enters into Amending Agreement for Secured Term Credit Facility
August 5, 2019
Source: GlobeNewsWire
Trakopolis IoT Corp. (TSXV: TRAK) ("Trakopolis" or the "Company") announces that it has entered into an agreement (the “Amending Agreement”) with ESW Holdings, Inc. (“ESW”), its senior secured lender, in respect of its US$3.0 million secured credit facility (the “Credit Facility”). Among other things, the Amending Agreement updates the Company’s reporting obligations and adds a requirement for Trakopolis to report on its ongoing strategic process which involves the identification of capital market alternatives available to it including financing transactions and potential strategic combinations. The strategic review is being conducted by a Special Committee of the Board of Directors with the assistance of external legal and financial advisors. The Amending Agreement requires the Company to provide ESW with its repayment plan for the Credit Facility, which must be satisfactory to ESW, and resets downward the liquidity covenants. The Amending Agreement specifies additional events of default and can be terminated at the election of ESW in certain circumstances. In addition, the Company is required to raise approximately US$80,000 in additional capital. It is expected that much of this additional capital will come from the Company’s management team and certain commitments have been received in this regard.
Trakopolis does not intend to comment further regarding the strategic review process unless a specific transaction or other alternative is approved by the Board of Directors of the Company.
About Trakopolis
Trakopolis is a Software-as-a-Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company’s asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
For further information please contact:
Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
Email: bmoore@trakopolis.com
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